The Mortgage Loan Process: an Overview

No doubt, a lot involved in oder to get a mortgage. You wouldn't be here on our site if it were possible to complete a simple loan app and get the best loan check cut in one day. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.

There are four important steps involved in getting a mortgage loan.

Step one: determine how much you can borrow

This is a function of a couple things. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.

Step two: complete a pre-qualification

This is where the rubber meets the road and you save the most money. You will give us info on your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We get your permission to run your credit score and report. We will review this info and will give you a pre-qualification letter. Be careful with this letter — it is a great tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for your new house with your real estate agent, we find the best program for you.

Step three: apply for your loan

Once you've made the offer and the sellers have accepted, you should complete the loan application. It couldn't be easier, and you can do it online, right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order a professional appraisal on the home.

Step four: your loan is funded

Your real estate agent and the seller's will coordinate to designate an escrow/title company to handle the funding of your loan once it has been approved. We'll work with this company to make sure the papers your lender needs are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with this company on your closing date. Because you don't have to worry about these details, you can think about moving logistics, painting, carpet, and the details involved in getting your new home.

You've answered a few questions, given us detailed information, applied online, and Before you know it, you're moving! Hill Valley Financial Services Inc. is a mortgage specialist; you're not — so we do the work. Doesn't that sound nice?

Have questions about the loan process? Call Hill Valley Financial Services Inc. at 503-657-3311. Hill Valley Financial Services Inc. answers loan process questions every day.